- Q3 23 Net Revenue of $54.5M, up 35% from prior-year quarter, on Gross Bookings of
- Q3 23 Adjusted EBITDA of 5.5M, up 54% from prior-year quarter
- Q3 Take Rate of 9.1%, up 31% from prior-year quarter
- Acquired leading AI-platform, Purplegrids, on
“We are thrilled by an extraordinary quarter with record Take Rate, Adjusted EBITDA and cash flow. These results were driven by the expansion of our global content hub comprised of privately negotiated air, hotel, car rental, and cruise content, and the broadening of our monetization tools, such as add-on products and fintech. Our profitability was further boosted by divesting LBF US, an underperforming, non-core B2C air business unit," remarked Prasad Gundumogula, Founder, Chairman, and Chief Executive Officer of
“Our recent acquisition of Purplegrids, a pioneering AI company, is accelerating
"We are committed to disciplined growth as we generate robust results," said
Third-Quarter 2023 Financial Highlights1
- Gross bookings of
$597 million for the quarter, an increase of 2% compared to$583 million in the third quarter of 2022 (“Q3 22”). On a proforma basis, excluding LBF divestiture, Gross Bookings grew 15% year-over-year. - Net revenue of
$54.5 million for the quarter, an increase of 35% compared to$40.5 million in Q3 22. On a proforma basis, excluding LBF from 3Q 2022, it increased 66% year-over-year. - Net Loss of
$20.1 million for the quarter of which$15.4 million was non-cash and/or non-recurring items, such as$9.3 million of net costs associated with LBF divestiture,$3.0 million of stock-based compensation, and$2.5 million of intangible assets amortization, among others. - Adjusted EBITDA of positive
$5.5 million for the quarter, an increase of 54% compared to$3.6 million in Q3 22. - Operating cash flow after adjusting for one-off LBF divestiture transition costs was
$6.4 million for the quarter, an increase from -$0.9 million in Q3 22.
Financial Summary and Operating Results 1,2
For the three months ended | Year-Over-Year Change | ||||||||||
2023 | 2022 | % | |||||||||
Transactions | 695,694 | 591,760 | 103,934 | 18% | |||||||
Gross Bookings | 2% | ||||||||||
Net Revenue | 35% | ||||||||||
Net Loss3,4 | NA | ||||||||||
Loss per share (EPS) | NA | ||||||||||
Adjusted EBITDA | 54% | ||||||||||
Adjusted Net Loss | NA | ||||||||||
Adjusted Loss per Share5 | NA | ||||||||||
Net cash from (used in) operating activities | NA | ||||||||||
Adjusted Net cash from (used in) operating activities | NA |
For the nine months ended | Year-Over-Year Change | ||||||||||
2023 | 2022 | % | |||||||||
Transactions | 2,082,331 | 1,604,420 | 477,911 | 30% | |||||||
Gross Bookings | 18% | ||||||||||
Net Revenue | 29% | ||||||||||
Net Loss3,4 | NA | ||||||||||
Loss per share (EPS) | NA | ||||||||||
Adjusted EBITDA | 37% | ||||||||||
Adjusted Net Loss | NA | ||||||||||
Adjusted Loss per Share5 | NA | ||||||||||
Net cash from (used in) operating activities | NA | ||||||||||
Adjusted Net cash from (used in) operating activities | NA | ||||||||||
1 Note that Mondee’s first and second quarter 2022 financial results were prior to the Company's listing on the NASDAQ.
2 In $ thousands except for EPS
3 3Q 2023 Net income (loss) included
4 3Q 2022 included a one-time stock-based combination of
5 2022 and 2023 interim periods adjusted loss per share are updated by including the impact of cumulative dividends allocated to preferred stock holders.
Third Quarter 2023 Business Highlights and Subsequent Events
- Acquired Purplegrids, a leading AI-platform and team. Founded in 2017 by
Joseph Vijay Raj John , after a successful 12-year career in Apple, Purplegrids boasts a team with AI professionals fromGoogle , Apple, Meta, PayPal and Oracle. Purplegrids’ platform offers a humanized AI-driven customer experience combining the benefits of large language and generative models from Open AI with business intelligence and RPA to automate customer experiences. It is expected that the integration of Mondee’s AI capabilities with Purplegrids will not only improve the AI travel assistant but also speed up our roadmap to bringing AI to more, and ultimately all, aspects of Mondee’s business. - Launched and expanded its inaugural share buy-back program of up to
$40 million . The Company’s Board of Directors approved a share repurchase program aiming to enhance shareholder value, which is expected to reinforce Mondee’s commitment to its long-term growth strategy. Following an improvement to the Company’s capital structure by increasing the existing Preferred Equity Financing by up to$15 million ($10 million already funded), the Company’s Board of Directors authorized an additional$10 million expansion of the Company’s ongoing share repurchase program, bringing the total authorized size to$40 million . - Added to S&P Total Market Index (TMI). Following Mondee’s addition to the Russell 2000 index as the largest travel-tech addition in 2023, the addition to the Total Market Index of the S&P index underscores Mondee’s strong fundamentals and business performance and is expected to support the Company’s endeavors in enhancing long-term shareholder value, raise awareness of
Mondee among the investment community, bolster stock volume and liquidity, and diversify the Company’s shareholder base. - Acquired Skypass, a prominent global travel company for corporations and small and midsize businesses (SMBs). With a 35-year history of operations, Skypass provides corporate, leisure, and humanitarian travel services. Headquartered in the
Dallas, Texas area, it also has offices inAustin, Texas , along with international offices in LATAM,Mexico ,Canada , andIndia , serving both personnel and affiliates from international corporations and SMBs. Skypass's comprehensive range of services span air travel, lodging, cruises, vacation packages, recreational travel, and humanitarian voyages, addressing the needs of personnel, associates, and a broad spectrum of retail travelers. In 2022, Skypass achieved gross bookings of$45 million and adjusted EBITDA of$4 million .Mondee's strategic vision involves leveraging its expansive network and advanced technology, while optimizing revenue generation, introducing FinTech solutions, and streamlining global operations for enhanced top-line and bottom-line performance. - Completed transformative rebranding including the launch of new logo and website. The rebranding is expected to connect
Mondee with travelers and travel planners on a deeper, more authentic level and reflects the Company’s adventurous spirit and significant investment in technological innovations to offer unparalleled travel experiences. Alongside the striking new brand identity, the Company has released a new logo and a new website with improved user experience and advanced technological features, highlighting Abhi, the newly launched revolutionary AI-trip planning tool and the most powerful and only fully-integrated personal AI travel assistant on the market.
LBF Divestiture and 2023 Financial Outlook
As part of its ongoing focus to enhance profitability,
Adjusting for the LBF divestiture, on a proforma basis since
The Company's guidance for fiscal year 2023, excluding LBF pro forma Net Revenues and Adjusted EBITDA since
- Net revenue of approximately
$210 million , representing an increase of 32% versus 2022 reported net revenue, measured at the midpoint and an increase of 66% versus a 2022 proforma without LBF. - Adjusted EBITDA of approximately
$25 million , representing an increase of 110% versus 2022 reported Adjusted EBITDA, measured at the midpoint and an increase of 45% versus a 2022 without LBF.
Conference Call Information
A replay will be available on Mondee’s Investor Relations website and an audio replay will be available domestically at (866) 813-9403 or internationally at +1 (929) 458-6194, passcode 896158, until midnight (ET)
About
Established in 2011,
Non-GAAP Measurements:
In addition to disclosing financial measures prepared in accordance with generally accepted accounting principles in
These non-GAAP financial measures are not calculated in accordance with GAAP as they have been adjusted to exclude the effects of stock-based compensation expenses, provision for income taxes, and the impacts of depreciation and amortization, and one-time expenses.
These non-GAAP financial measures may be limited in their usefulness because they do not present the full economic effect of Mondee’s use of stock-based compensation. The Company compensates for these limitations by providing investors and other users of its financial information a reconciliation of the non-GAAP financial measure to the most closely related GAAP financial measures. However,
Operating Metrics:
This press release also includes certain operating metrics that we believe are useful in providing additional information in assessing the overall performance of Mondee’s business.
Transactions are defined as the number of travel reservations that were processed on Mondee’s platform during the period. A single transaction could include an airline ticket, a hotel or hospitality accommodation, and any number of ancillaries offered on the platform. Gross bookings are defined as the total dollar value, generally inclusive of taxes and fees, of all travel reservations through our platform between a third-party seller or service provider and the traveler, net of cancellations. Take rate is defined as revenues as a percentage of gross bookings.
Forward-Looking Statements and Unaudited Financials:
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by words such as: “believe,” “can”, “"may,” “expects,” “intends,” “potential,” “plans,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the Company’s future growth, performance, business prospects and opportunities, strategies, expectations, future plans and intentions or other future events are forward looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Management believes that these forward-looking statements are reasonable as and when made. However, the Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the ability to implement business plans and forecasts, the outcome of any legal proceedings that may be instituted against the Company or others and any definitive agreements with respect thereto, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, the ability of the Company to maintain compliance with Nasdaq’s listing standards, and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Except as required by law,
Condensed Consolidated Balance Sheets | |||||||
(In $ thousands, except stock and par value data) | |||||||
(unaudited) | |||||||
2023 | 2022 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 39,896 | $ | 78,841 | |||
Restricted cash and cash equivalents | 8,023 | 8,639 | |||||
Accounts receivable, net of allowance | 108,278 | 21,733 | |||||
Contract assets, net of allowance | 12,223 | 5,794 | |||||
Prepaid expenses and other current assets | 8,326 | 4,673 | |||||
Total current assets | 176,746 | 119,680 | |||||
Property and equipment, net | 15,072 | 11,332 | |||||
77,167 | 66,420 | ||||||
Intangible assets, net | 91,155 | 57,370 | |||||
Amounts receivable from related parties | 199 | — | |||||
Operating lease right-of-use assets | 2,273 | 1,384 | |||||
Deferred income taxes | 918 | 237 | |||||
Other non-current assets | 2,039 | 1,674 | |||||
TOTAL ASSETS | $ | 365,569 | $ | 258,097 | |||
Liabilities, Redeemable Preferred Stock and Stockholders’ Deficit | |||||||
Current liabilities | |||||||
Accounts payable | $ | 113,336 | $ | 33,749 | |||
Deferred underwriting fee | — | 500 | |||||
Amounts payable to related parties | 42 | 13 | |||||
Government loans, current portion | 72 | 72 | |||||
Accrued expenses and other current liabilities | 28,211 | 9,319 | |||||
Earn-out liability, net, current portion | 3,155 | — | |||||
Deferred revenue, current portion | 5,945 | 5,828 | |||||
Long-term debt, current portion | 10,313 | 7,514 | |||||
Total current liabilities | 161,074 | 56,995 | |||||
Deferred income taxes | 111 | 307 | |||||
Note payable to related party | 200 | 197 | |||||
Government loans, excluding current portion | 143 | 159 | |||||
Warrant liability | 177 | 1,293 | |||||
Earn-out liability, net, excluding current portion | 3,411 | — | |||||
Long-term debt, excluding current portion | 145,142 | 126,882 | |||||
Deferred revenue, excluding current portion | 12,847 | 14,656 | |||||
Operating lease liabilities, excluding current portion | 1,750 | 1,620 | |||||
Other long-term liabilities | 3,003 | 2,713 | |||||
Total liabilities | 327,858 | 204,822 | |||||
Commitments and contingencies (Note 11) | |||||||
Redeemable preferred stock | |||||||
Series A preferred stock - 85,000 authorized, | 92,484 | 82,597 | |||||
Stockholders’ deficit | |||||||
Common stock – | 8 | 7 | |||||
Treasury Stock | (22,884 | ) | — | ||||
Shareholder receivable | — | (20,336 | ) | ||||
Additional paid-in capital | 296,635 | 271,883 | |||||
Accumulated other comprehensive gains (losses) | (655 | ) | (621 | ) | |||
Accumulated deficit | (327,877 | ) | (280,255 | ) | |||
Total stockholders’ deficit | (54,773 | ) | (29,322 | ) | |||
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | $ | 365,569 | $ | 258,097 | |||
Condensed Consolidated Statements of Operations | |||||||||||||||
(In $ thousands, except stock and per share data) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenues, net | $ | 54,532 | $ | 40,513 | $ | 161,232 | $ | 125,236 | |||||||
Operating expenses | |||||||||||||||
Sales and marketing expenses | 35,971 | 28,650 | 113,476 | 88,467 | |||||||||||
Personnel expenses, including stock-based compensation of | 10,696 | 59,807 | 30,521 | 71,131 | |||||||||||
General and administrative expenses, including non-employee stock-based compensation of | 4,629 | 2,337 | 14,350 | 6,802 | |||||||||||
Information technology expenses | 1,073 | 1,176 | 3,372 | 3,639 | |||||||||||
Provision for credit losses, net | 535 | 211 | (166 | ) | 297 | ||||||||||
Depreciation and amortization | 4,165 | 2,963 | 11,354 | 8,549 | |||||||||||
Restructuring expense, net | 239 | 2,130 | 1,600 | 2,130 | |||||||||||
Total operating expenses | 57,308 | 97,274 | 174,507 | 181,015 | |||||||||||
Loss from operations | (2,776 | ) | (56,761 | ) | (13,275 | ) | (55,779 | ) | |||||||
Other income (expense) | |||||||||||||||
Interest income | 243 | 28 | 880 | 289 | |||||||||||
Interest expense | (8,740 | ) | (7,157 | ) | (25,372 | ) | (19,987 | ) | |||||||
Gain on extinguishment of PPP loan | — | — | — | 2,009 | |||||||||||
Changes in fair value of warrant liability | 744 | 683 | 1,116 | 683 | |||||||||||
Other expense, net | (9,189 | ) | (1,080 | ) | (7,883 | ) | (316 | ) | |||||||
Total other expense, net | (16,942 | ) | (7,526 | ) | (31,259 | ) | (17,322 | ) | |||||||
Loss before income taxes | (19,718 | ) | (64,287 | ) | (44,534 | ) | (73,101 | ) | |||||||
Provision for income taxes | (381 | ) | (321 | ) | (3,088 | ) | (611 | ) | |||||||
Net loss | (20,099 | ) | (64,608 | ) | (47,622 | ) | (73,712 | ) | |||||||
Cumulative dividends allocated to preferred stockholders | (2,859 | ) | (47 | ) | (8,023 | ) | (47 | ) | |||||||
Net loss attributable to common stockholders | $ | (22,958 | ) | $ | (64,655 | ) | $ | (55,645 | ) | $ | (73,759 | ) | |||
Net loss attributable per share to common stockholders | |||||||||||||||
Basic and diluted | $ | (0.29 | ) | $ | (0.89 | ) | $ | (0.72 | ) | $ | (1.14 | ) | |||
Weighted-average shares used to compute net loss attributable per share to common stockholders | |||||||||||||||
Basic and diluted | 77,925,635 | 72,462,512 | 77,162,363 | 64,730,224 | |||||||||||
Condensed Consolidated Statements of Cash Flows | |||||||
(In $ thousands) | |||||||
(unaudited) | |||||||
Nine Months Ended | |||||||
2023 | 2022 | ||||||
Cash flows from operating activities | |||||||
Net loss | $ | (47,622 | ) | $ | (73,712 | ) | |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities | |||||||
Depreciation and amortization | 11,354 | 8,549 | |||||
Non-cash gain on disposal of LBF US | (697 | ) | — | ||||
Deferred taxes | (1,050 | ) | 138 | ||||
Provision for credit losses, net | (166 | ) | 297 | ||||
Stock-based compensation | 10,339 | 55,397 | |||||
Non-cash lease expense and lease impairment charges | 753 | — | |||||
Amortization of loan origination fees | 6,403 | 4,238 | |||||
Payment in kind interest expense | 4,241 | 8,147 | |||||
Gain on forgiveness of PPP Loan | — | (2,009 | ) | ||||
Gain on termination of lease | (337 | ) | — | ||||
Unrealized (gain) loss on foreign currency exchange derivatives | (270 | ) | — | ||||
Change in the estimated fair value of earn-out consideration and warrants | (1,008 | ) | (1,259 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (19,523 | ) | (15,870 | ) | |||
Accounts receivable from related parties | (199 | ) | — | ||||
Contract assets | (6,041 | ) | (2,635 | ) | |||
Prepaid expenses and other current assets | (451 | ) | (17,547 | ) | |||
Operating lease right-of-use assets | — | (320 | ) | ||||
Other non-current assets | (315 | ) | (716 | ) | |||
Amounts payable to related parties | 18 | (716 | ) | ||||
Accounts payable | 27,469 | 26,353 | |||||
Accrued expenses and other liabilities | 6,363 | 12,333 | |||||
Deferred revenue | (1,692 | ) | (1,658 | ) | |||
Operating lease liabilities | (969 | ) | 300 | ||||
Net cash used in operating activities | (13,400 | ) | (690 | ) | |||
Cash flows from investing activities | |||||||
Capital expenditures | (7,660 | ) | (5,415 | ) | |||
Purchase of restricted short term investments | — | (394 | ) | ||||
Cash paid for acquisitions, net of cash acquired | (24,081 | ) | — | ||||
Net cash used in investing activities | (31,741 | ) | (5,809 | ) | |||
Cash flows from financing activities | |||||||
Repayment of debt | (4,118 | ) | (41,500 | ) | |||
Proceeds from issuance of preferred stock | — | 85,000 | |||||
Issuance cost from preferred stock | — | (1,560 | ) | ||||
Proceeds from exercise of common stock warrants | — | 1,368 | |||||
Proceeds from Business Combination and issuance of PIPE shares | — | 78,548 | |||||
Payment of offering costs | (4,372 | ) | (20,053 | ) | |||
Payment made on behalf of | — | (5,241 | ) | ||||
Loan origination fee for long term debt | (616 | ) | — | ||||
Proceeds from long term debt | 15,000 | — | |||||
Net cash provided by by financing activities | 5,894 | 96,562 | |||||
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents | (314 | ) | (341 | ) | |||
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | (39,561 | ) | 89,722 | ||||
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 87,480 | 15,506 | |||||
Cash and cash equivalents and restricted cash and cash equivalents at end of period | $ | 47,919 | $ | 105,228 | |||
Supplemental cash flow information | |||||||
Cash paid for interest | $ | 8,418 | $ | 140 | |||
Cash paid for income taxes | 115 | — | |||||
Cash paid for LBF US transition services | 7,386 | — | |||||
GAAP to Non-GAAP Reconciliations | ||||||||
(In $ thousands, except Transactions and per share data) | ||||||||
(unaudited) | ||||||||
KEY METRICS | 1Q22 | 2Q22 | 3Q22 | 4Q22 | FY22 | 1Q23 | 2Q23 | 3Q23 |
Transactions | 462,931 | 549,729 | 591,760 | 533,110 | 2,137,530 | 665,173 | 721,464 | 695,694 |
Take rate | 8.5% | 7.5% | 6.9% | 6.9% | 7.4% | 7.5% | 8.4% | 9.1% |
Gross bookings | 459,091 | 606,475 | 583,388 | 499,847 | 2,148,801 | 668,079 | 679,244 | 597,451 |
Net revenue | 39,067 | 45,656 | 40,513 | 34,248 | 159,484 | 49,929 | 56,771 | 54,532 |
YoY Growth | 190% | 94% | 77% | 3% | 71% | 28% | 24% | 35% |
QoQ Growth | 17% | 17% | (11)% | (15)% | 46% | 14% | (4)% | |
ADJUSTED EBITDA RECONCILIATION | 1Q22 | 2Q22 | 3Q22 | 4Q22 | FY22 | 1Q23 | 2Q23 | 3Q23 |
Net income (loss) | (6,991) | (2,113) | (64,608) | (16,526) | (90,238) | (12,915) | (14,608) | (20,099) |
Interest expense (net) | 6,102 | 6,467 | 7,129 | 6,319 | 26,017 | 7,870 | 8,125 | 8,497 |
Stock-based compensation expense | 80 | 81 | 55,236 | 6,645 | 62,042 | 2,561 | 4,804 | 2,974 |
Payroll tax expense related to stock-based compensation | — | — | — | — | — | — | 86 | 140 |
Depreciation & amortization | 2,817 | 2,769 | 2,963 | 3,221 | 11,770 | 3,386 | 3,803 | 4,165 |
Restructuring expense | — | — | 2,130 | 412 | 2,542 | 1,529 | (168) | 239 |
Changes in fair value of Warrant liability | — | — | (683) | 791 | 108 | 21 | (393) | (744) |
Legal expense | — | — | — | 744 | 744 | 662 | 577 | 785 |
Income tax provision | 54 | 236 | 321 | (484) | 127 | 699 | 2,008 | 381 |
Gain on forgiveness of PPP loan | — | (2,009) | — | — | (2,009) | — | — | — |
Warrant transaction expense | — | — | — | 326 | 326 | — | — | — |
M&A costs | — | — | — | — | — | 279 | 264 | 545 |
LBF US divestiture and transition service expense | — | — | — | — | — | — | — | 9,327 |
Other expenses (income), net | (14) | (155) | 1,060 | (603) | 288 | (322) | (984) | (138) |
Change in fair value of acquisition earnout liability | 165 | (760) | 19 | (20) | (596) | 171 | 530 | (593) |
Other non-recurring expenses | — | — | — | — | — | — | 394 | 22 |
Sale of export incentives | — | — | — | 760 | 760 | 216 | — | — |
Adjusted EBITDA | 2,213 | 4,516 | 3,567 | 1,585 | 11,881 | 4,157 | 4,438 | 5,501 |
Adjusted EBITDA margin | 5.7% | 9.9% | 8.8% | 4.6% | 7.4% | 8.3% | 7.8% | 10.1% |
ADJUSTED NET INCOME RECONCILIATION | 1Q22 | 2Q22 | 3Q22 | 4Q22 | FY22 | 1Q23 | 2Q23 | 3Q23 |
Net Income (loss) | (6,991) | (2,113) | (64,608) | (16,526) | (90,238) | (12,915) | (14,608) | (20,099) |
Stock-based compensation expense | 80 | 81 | 55,236 | 6,645 | 62,042 | 2,561 | 4,804 | 2,974 |
Amortization - intangibles | 1,585 | 1,584 | 1,584 | 1,585 | 6,338 | 1,960 | 2,329 | 2,458 |
Income tax provision | 54 | 236 | 321 | (484) | 127 | 699 | 2,008 | 381 |
One-time expenses | 168 | (2,683) | 1,675 | 2,492 | 1,651 | 2,878 | 1,204 | 9,581 |
Adjusted Net Income (Loss) | (5,104) | (2,895) | (5,792) | (6,288) | (20,080) | (4,817) | (4,263) | (4,705) |
ADJUSTED EPS RECONCILIATION | 1Q22 | 2Q22 | 3Q22 | 4Q22 | FY22 | 1Q23 | 2Q23 | 3Q23 |
Net Income (Loss) | (6,991) | (2,113) | (64,608) | (16,526) | (90,238) | (12,915) | (14,608) | (20,099) |
Cumulative Dividends Allocated to Preferred Stockholders | — | — | (47) | (2,276) | (2,323) | (2,478) | (2,686) | (2,859) |
Net loss attributable to common stockholders | (6,991) | (2,113) | (64,655) | (18,802) | (92,561) | (15,393) | (17,294) | (22,958) |
Common shares outstanding | 60,800 | 60,800 | 72,463 | 82,266 | 67,369 | 83,749 | 77,198 | 77,926 |
Net loss per share (EPS)1 | (0.11) | (0.03) | (0.89) | (0.23) | (1.37) | (0.18) | (0.22) | (0.29) |
Adjusted Net Income (Loss) | (5,104) | (2,895) | (5,792) | (6,288) | (20,080) | (4,817) | (4,263) | (4,705) |
Cumulative Dividends Allocated to Preferred Stockholders | — | — | (47) | (2,276) | (2,323) | (2,478) | (2,686) | (2,859) |
Adjusted net income (loss) attributable to common stockholders | (5,104) | (2,895) | (5,839) | (8,564) | (22,403) | (7,295) | (6,949) | (7,564) |
Diluted shares outstanding | 60,800 | 60,800 | 72,463 | 82,266 | 69,082 | 83,749 | 77,198 | 77,926 |
Adjusted EPS 2 | (0.08) | (0.05) | (0.08) | (0.10) | (0.32) | (0.09) | (0.09) | (0.10) |
LBF US Divestiture PROFORMA3
FY22 | 1Q23 | 2Q23 | 3Q23 | |
Gross bookings | 2,148,801 | 668,079 | 679,244 | 597,451 |
Divested LBF US gross bookings | 244,167 | 56,333 | 29,781 | — |
Proforma gross bookings | 1,904,634 | 611,746 | 649,463 | 597,451 |
YoY growth | 52% | 23% | 15% | |
QoQ growth | 36% | 6% | (8)% | |
Proforma take rate | 6.7% | 7.4% | 8.4% | 9.1% |
Net revenue | 159,484 | 49,929 | 56,771 | 54,532 |
Divested LBF US Net Revenue | 32,784 | 4,519 | 2,226 | — |
Proforma net revenue | 126,700 | 45,410 | 54,545 | 54,532 |
YoY growth | 54% | 56% | 66% | |
QoQ growth | 54% | 20% | —% | |
Adjusted EBITDA | 11,881 | 4,157 | 4,438 | 5,501 |
Divested LBF US adjusted EBITDA | (5,314) | (4,372) | (881) | — |
Proforma adjusted EBITDA | 17,195 | 8,529 | 5,319 | 5,501 |
Adjusted EBITDA Margin | 13.6% | 18.8% | 9.8% | 10.1% |
Net income ( loss) | (90,238) | (12,915) | (14,608) | (20,099) |
Divested LBF US net income (loss) | (9,142) | (5,296) | (1,303) | — |
Proforma net income (loss) | (81,096) | (7,619) | (13,305) | (20,099) |
Divested LBF US Adjusted EBITDA Reconciliation | FY22 | 1Q23 | 2Q23 | 3Q23 |
Divested LBF US net income (loss) | (9,142) | (5,296) | (1,303) | — |
Depreciation & amortization | 685 | 172 | 172 | — |
One-time expenses | 3,143 | 752 | 250 | — |
Divested LBF US adjusted EBITDA | (5,314) | (4,372) | (881) | — |
1 Net loss per share (EPS) includes cumulative dividends allocated to preferred stock holders.
2 Adjusted loss per share for 2022 and 2023 interim periods are updated by including the impact of cumulative dividends allocated to preferred stock holders and the anti-dilutive effect of diluted shares.
3 The unaudited pro forma financial information presented the results of operations as if the divestiture of LBF US was consummated on
Note that
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